Componenta Corporation Financial statements 1 January 31 December - - PowerPoint PPT Presentation

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Componenta Corporation Financial statements 1 January 31 December - - PowerPoint PPT Presentation

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Componenta Corporation Financial statements 1 January 31 December 2009 `~=c=p 1 26.1.2010 2009 in brief Net sales were MEUR 299.6 (MEUR 681.4). Net sales fell 56.0%. Operating profit

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Componenta Corporation Financial statements 1 January – 31 December 2009

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2009 in brief

  • Net sales were MEUR 299.6 (MEUR 681.4). Net sales fell 56.0%.
  • Operating profit excluding one-time items was MEUR -15.4 (47.9).
  • Result after financial items excluding one-time items was MEUR -37.2

(MEUR 19.2).

  • Cash flow from operations was MEUR 14.2 (MEUR 29.4).
  • Net sales for the fourth quarter were MEUR 76.1 (MEUR 125.3), operating

profit excluding one-time items MEUR -1.7 (MEUR -6,0), profit after financial items excluding one-time items MEUR -6.5 (MEUR -16.1) and cash flow from operations MEUR 8.1 (MEUR 5.5).

  • Unused committed credit facilities and cash in bank at the year-end were

MEUR 46.1.

  • The Board of Directors’

proposal for the Annual General Meeting is that no dividend will be paid from year 2009.

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Events after end of period

  • Componenta changes its organization and to strengthen common way of
  • perating starting from 1 February 2010.
  • The Group’s business operations will be organized into four operational

areas, which are Turkey, Finland, Holland and Sweden.

  • Group-wide operational development functions and processes –

supply chain management, development of foundry and machine shops technology, purchasing and internal sourcing – support the operational areas and operations management and add value to the customers.

  • Yrjö

Julin was appointed Chief Operating Officer and the member of Componenta Executive Team, being responsible for operations management at Componenta.

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PRESIDENT AND CEO

  • H. Lehtonen

CORPORATE EXECUTIVE TEAM

  • H. Lehtonen, Ch.

Y.Julin

  • H. Göral
  • M. Hassinen
  • A. Mankki
  • P. Aarniovuori, Secr.

Componenta Group starting from 1 February 2010

SERVICE COMPANIES CFO Mika Hassinen Finance & Controlling , IT HUMAN RESOURCES Anu Mankki COMMUNICATIONS Pirjo Aarniovuori

Mikko Mykrä Engineering Center Käpylä Maurice Ruiter Engineering Center Weert Seyfi Degirmenci Engineering Center Orhangazi OPERATIONS TURKEY Hakan Göral OPERATIONS FINLAND Olli Karhunen OPERATIONS SWEDEN Michael Sjöberg OPERATIONS HOLLAND Patrick Steensels

OPERATIONS MANAGEMENT

OPERATIONS Yrjö Julin

ENGINEERING MANAGEMENT H Stribjons OFF-ROAD AND EUROPE Antti Lehto HEAVY TRUCKS Jari Leino WIND AND NORDIC Lauri Eklin TURKEY Hakan Göral SALES COMPANIES Antti Lehto

Supply chain management Michael Sjöberg Foundry technology development Tapio Rantala Machining technology development Juha Alhonoja Purchasing Henk Klever Internal sourcing Lütfi Erten

SALES AND PRODUCT DEVELOPMENT

  • H. Lehtonen

OPERATIONS DEVELOPMENT

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Income statement 2009

MEUR 2009 2008 1 - 12 1 - 12 Net sales 299.6 681.4 Operating profit, excluding one-time items

  • 15.4

47.9 Financial income and expenses

  • 21.8
  • 28.7

Result after financial items, excluding one-time items

  • 37.2

19.2 One-time items 0.0

  • 0.6

Result after financial items

  • 37.2

18.6 Net result, excluding one-time items

  • 28.7

14.4 Net result

  • 28.7

13.9 Earnings per share, EUR, excluding one-time items

  • 2.30

1.28 Earnings per share, EUR

  • 2.30

1.24

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Income statement Q4/2009

MEUR 2009 2008 Q4 Q4 Net sales 76.1 125.3 Operating profit, excluding one-time items

  • 1.7
  • 6.0

Financial income and expenses

  • 4.9
  • 10.1

Result after financial items, excluding one-time items

  • 6.5
  • 16.1

One-time items 0.0

  • 0.2

Result after financial items

  • 6.5
  • 16.3

Net result, excluding one-time items

  • 5.3
  • 12.4

Net result

  • 5.3
  • 12.6

Earnings per share, EUR, excluding one-time items

  • 0.32
  • 1.07

Earnings per share, EUR

  • 0.32
  • 1.08
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Quarterly development of net sales 2004 – 2009

20 40 60 80 100 120 140 160 180 200 220

Q 1 / 4 Q 2 / 4 Q 3 / 4 Q 4 / 4 Q 1 / 5 Q 2 / 5 Q 3 / 5 Q 4 / 5 Q 1 / 6 Q 2 / 6 Q 3 / 6 Q 4 / 6 Q 1 / 7 Q 2 / 7 Q 3 / 7 Q 4 / 7 Q 1 / 8 Q 2 / 8 Q 3 / 8 Q 4 / 8 Q 1 / 9 Q 2 / 9 Q 3 / 9 Q 4 / 9

MEUR

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Key ratios

MEUR 31.12.2009 31.12.2008 Equity ratio, % (preferred capital note in equity) 26.5 27.3 Return on equity, %

  • 45.1

14.8 Return on equity, % (excluding one-time items)

  • 45.1

15.3 Return on investment, %

  • 4.1

13.6 Return on investment, % (excluding one-time items)

  • 4.2

13.8 Net interest bearing debt, MEUR (preferred capital note in equity) 206.5 211.2 Net gearing, % (preferred capital note in equity) 200.8 172.6 Order book, MEUR 58.8 73.6 Investments in production facilities, MEUR 15.5 44.6 Personnel at the end of 2009 (including leased personnel) 3,698 4,488

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Cash flow 2009

MEUR 2009 2008 Cash flow from operations before change in net working capital, financing and taxes

  • 2.5

68.6 Change in net working capital 37.5

  • 4.2

Cash flow from operations before financing and taxes 35.0 64.4 Cash flow from operations 14.2 29.4 Cash flow from investments

  • 12.6
  • 40.6

Cash flow from financing activities 0.9

  • 8.7

Change in liquid assets 2.5

  • 20.0
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Cash Flow from Operations

  • 5

5 10 15 20 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 MEUR

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Wvstahl Sorte 8/package recycled metal (EUR/ton)

4 29,30 2 17,60 17 5,60 209 ,7 22 8,90 2 33 ,4 1 61 ,5 21 4,10 13 5,90 27 9,20 2 53,30 2 48,80 1 66,60 1 59 ,6 133 ,3 2 67,50 1 93,0

316 ,91 200 ,98 2 12 ,50 23 8,9 0 1 86, 60 1 31, 61 21 7,7 9

60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460

20 03 2 3 4 5 6 7 8 9 10 11 12 2004 2 3 4 5 6 7 8 9 10 11 12 2005 2 3 4 5 6 7 8 9 10 11 12 2006 2 3 4 5 6 7 8 9 10 11 12 200 7 2 3 4 5 6 7 8 9 10 11 12 2 008 2 3 4 5 6 7 8 9 10 11 12 2009 2 3 4 5 6 7 8 9 10 11 12 2010

WV Stahl Sorte 8 (eur/tn) WV Stahl Sorte 8 Yearly average

Source: Wvstahl

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Development in exchange rates Turkish lira

Source: Reuters

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Development in exchange rates Great Britain pound

Source: Reuters

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Development in exchange rates Swedish krona

Source: Reuters

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20 40 60 80 100 120 140 160 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09

Foundries and Machine shops Turkey Other business

Quarterly development of order book (includes orders for coming two months)

MEUR

  • 20%

+20%

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Quarterly operating profit and result after financial items excluding one-time items

  • 10
  • 5

5 10 15 20 25

I II III IV

  • 10
  • 5

5 10 15 20 25

2008 2009 2008 % 2009 %

  • 20
  • 16
  • 12
  • 8
  • 4

4 8 12 16 20

I II III IV

2008 2009

Operating profit excluding one-time items Result after financial items excluding one-time items

MEUR MEUR

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Equity ratio, %

5 10 15 20 25 30 35 40

31.12.2008 31.12.2009 Preferred capital note in equity Preferred capital note in debt

%

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Finland 1 198 1 041 The Netherlands 767 612 Turkey 2 068 1 721 Sweden 455 324

31.12.2008 31.12.2009

Personnel by country including leased personnel

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Distribution of sales

50 100 150 200 250 300 Foundries Machine shops Turkey Other business 1-12 2008 1-12 2009

Sales by division excluding one-time items

MEUR

Sales by market area 2009

Germany 20% UK 10% Turkey 17% Sweden 13% Finland 17% France 7% Italy 4% USA 3% Other countries 3% Benelux 6%

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PM PR QM QR RM RR SM SR

OMMRJNOJMN OMMSJMPJMN OMMSJMSJMN OMMSJMVJMN OMMSJNOJMN OMMTJMPJMN OMMTJMSJMN OMMTJMVJMN OMMTJNOJMN OMMUJMPJMN OMMUJMSJMN OMMUJMVJMN OMMUJNOJMN OMMVJMPJMN OMMVJMSJMN OMMVJMVJMN OMMVJNOJMN

ÄÉäçï=RM=Z=Åçåíê~Åíáçå rp=fpj br=OT=j~êâáí rh=j~êâáí `Üáå~=j~êâáí fåÇá~=j~êâáí pçìêÅÉW=qÜçãëçå=oÉìíÉêë=a~í~ëíêÉ~ã

Manufacturing Purchasing Manager indices

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Lähde: Danske Bank

IFO expectations

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Investors confidence index

Source: SSaA

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CDS index

Lehman Brothers bankruptcy Lehman Brothers bankruptcy Source: Reuters

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Heavy trucks

20% (28%)

Off-road

30% (35%)

Diesel & wind

10% (7%)

Machine building

17% (15%)

Automotive

21% (14%)

Comparable sales to customer industries

Note: Other sales 1% (1%)

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10 20 30 40 50 60 70 80 Q1 Q2 Q3 Q4

MEUR

2008 2009

Comparable sales to off-road industry quarterly

  • 49%

+7%

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Development of order book and sales in off-road

Largest customers: AGCO, JCB, Caterpillar, T.T.F., Carraro

Order book, Order intake, Net sales

2006/Jan 2006/Mar 2006/May 2006/July 2006/Sep 2006/Nov 2007/Jan 2007/Mar 2007/May 2007/July 2007/Sep 2007/Nov 2008/Jan 2008/Mar 2008/May 2008/July 2008/Sep 2008/Nov 2009/Jan 2009/Mar 2009/May 2009/Jul 2009/Sep 2009/Nov

Order intake Sales Orderstock

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10 20 30 40 50 60 70 Q1 Q2 Q3 Q4

MEUR

2008 2009

Comparable sales to heavy truck industry quarterly

  • 50%

+35%

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Development of supply chain in heavy truck industry

Componenta’s deliveries to heavy truck industry in January– December Volvo Trucks’ deliveries to distributors in Europe in January– November Registrations

  • f new heavy

trucks in Europe in January– November

  • 69%
  • 61%
  • 48%

Sources: Volvo’s web pages, ACEA

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Development of order book and sales in heavy trucks

Largest customers: Volvo Trucks, Scania, Daimler, MAN, Iveco

Order book, Order intake, Net sales

2006/Jan 2006/Mar 2006/May 2006/July 2006/Sep 2006/Nov 2007/Jan 2007/Mar 2007/May 2007/July 2007/Sep 2007/Nov 2008/Jan 2008/Mar 2008/May 2008/July 2008/Sep 2008/Nov 2009/Jan 2009/Mar 2009/May 2009/Jul 2009/Sep 2009/Nov

Order intake Sales Orderstock

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5 000 10 000 15 000 20 000 25 000 30 000 35 000

JAN 08- 09 FEB 08- 09 MAR 08-09 APR 08-09 MAY 08-09 JUN 08- 09 JUL 08- 09 AUG 08-09 SEP 08-09 OCT 08-09 NOV 08-09 DEC 08-09

  • 60 %
  • 50 %
  • 40 %
  • 30 %
  • 20 %
  • 10 %

0 %

Registrations of new heavy trucks in Europe (EU27+EFTA)

Source: ACEA

  • 48% in Jan-Nov 2009

2008 Change -% 2009 Change +%

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5 10 15 20 25 30 35 Q1 Q2 Q3 Q4

MEUR

2008 2009

Comparable sales to automotive industry quarterly

+125% +23%

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200 000 400 000 600 000 800 000 1 000 000 1 200 000 1 400 000 1 600 000 1 800 000

JAN 08- 09 FEB 08-09 MAR 08-09 APR 08-09 MAY 08-09 JUN 08- 09 JUL 08- 09 AUG 08-09 SEP 08-09 OCT 08-09 NOV 08-09 DEC 08-09

  • 30 %
  • 20 %
  • 10 %

0 % 10 % 20 % 30 %

Registrations of new passenger cars in Europe (EU27+EFTA)

Source: ACEA

  • 1.6% in 2009

2008 Change -% 2009 Change +%

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Development of order book and sales in automotive

Largest customers: Tofas, Ford Otosan, Ford of Europe, ATU, Oyak-Renault

Order book, Order intake, Net sales

2006/Jan 2006/Mar 2006/May 2006/July 2006/Sep 2006/Nov 2007/Jan 2007/Mar 2007/May 2007/July 2007/Sep 2007/Nov 2008/Jan 2008/Mar 2008/May 2008/July 2008/Sep 2008/Nov 2009/Jan 2009/Mar 2009/May 2009/Jul 2009/Sep 2009/Nov

Order intake Sales Orderstock

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2 4 6 8 10 12 14 16 Q1 Q2 Q3 Q4

MEUR

2008 2009

Comparable sales to diesel & wind industry quarterly

  • 66%
  • 6%
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Development of order book and sales in diesel & wind

Largest customers: Wärtsilä, Moventas, Caterpillar, Mahle, Voith

Order book, Order intake, Net sales

2 6 / J a n 2 6 / M a r 2 6 / M a y 2 6 / J u l y 2 6 / S e p 2 6 / N

  • v

2 7 / J a n 2 7 / M a r 2 7 / M a y 2 7 / J u l y 2 7 / S e p 2 7 / N

  • v

2 8 / J a n 2 8 / M a r 2 8 / M a y 2 8 / J u l y 2 8 / S e p 2 8 / N

  • v

2 9 / J a n 2 9 / M a r 2 9 / M a y 2 9 / J u l 2 9 / S e p 2 9 / N

  • v

Order intake Sales Orderstock

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5 10 15 20 25 30 35 Q1 Q2 Q3 Q4 MEUR 2008 2009

Comparable sales to machine building industry quarterly

  • 55%
  • 9%
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Development or order book and sales in machine building industry

Largest customers: Atlas Copco, ABB, NCB Lohmann, Kone Elevators, Konecranes

Order book, Order intake, Net sales

2006/Jan 2006/Mar 2006/May 2006/July 2006/Sep 2006/Nov 2007/Jan 2007/Mar 2007/May 2007/July 2007/Sep 2007/Nov 2008/Jan 2008/Mar 2008/May 2008/July 2008/Sep 2008/Nov 2009/Jan 2009/Mar 2009/May 2009/Jul 2009/Sep 2009/Nov

Order intake Sales Orderstock

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We focus now on four task forces

Operations and cost efficiency Improvement of productivity in the foundries and machine shops. Cash flow Reduction of working capital and raw material inventories, collection of trade receivables and shortening of customers’ payment terms. Internal sourcing Cost savings by optimization of production. Sales Focusing on new sales in 2010.

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MEUR Q1/09 Q1/08 Diff % Q2/09 Q2/08 Diff % Q3/09 Q3/08 Diff % Q4/09 Q4/08 Diff % Net sales 88,1 185,0

  • 52 %

70,6 201,0

  • 65 %

64,8 170,1

  • 62 %

76,1 125,3

  • 39 %

Value of production 75,3 185,9

  • 59 %

66,1 207,3

  • 68 %

65,3 170,7

  • 62 %

71,8 118,1

  • 39 %

Materials

  • 24,1
  • 67,4
  • 64 %
  • 20,6
  • 76,6
  • 73 %
  • 23,3
  • 68,0
  • 66 %
  • 24,9
  • 45,2
  • 45 %

Direct wages and external services

  • 25,1
  • 46,9
  • 47 %
  • 21,3
  • 45,9
  • 54 %
  • 18,7
  • 40,9
  • 54 %
  • 19,5
  • 38,4
  • 49 %

Other variable and fixed costs

  • 29,2
  • 42,5
  • 31 %
  • 25,6
  • 55,7
  • 54 %
  • 23,5
  • 48,5
  • 52 %
  • 25,9
  • 35,0
  • 26 %

Total costs

  • 78,3
  • 157
  • 50 %
  • 67,5 -178,2
  • 62 %
  • 65,5
  • 157
  • 58 %
  • 70,3 -118,6
  • 41 %

EBITDA

  • 3,0

29,1 -110 %

  • 1,5

29,0 -105 %

  • 0,2

13,3 -102 % 1,4

  • 0,5

382 %

Analysis of changes in quarterly income statements

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Offers and new sales

  • The Group has

submitted a record number of offers during the whole year 2009.

  • Despite general

development in the world economy, Componenta’s new sales improved well during 2009. Monthly offers > 100 000 EUR

20 000 40 000 60 000 80 000 100 000 120 000 140 000

2005 2006 2007 2008 2009

monthly average 1000 euro

Other Machining Castings

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Operating profit excluding one-time items Net sales

Foundries division

20 40 60 80 100 f ff fff fs 2008 2009

  • 16
  • 12
  • 8
  • 4

4 8 12 16

I II III IV

  • 16
  • 12
  • 8
  • 4

4 8 12 16

2008 2009 2008 % 2009 %

MEUR MEUR %

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Performance of the Foundries division

  • The division contains the Group’s foundries in Karkkila, Pori,

Pietarsaari and Iisalmi in Finland, and in Heerlen and Weert in the Netherlands.

  • Net sales in 2009 were MEUR 124.9 Me (MEUR 294.0) and operating

profit MEUR -11.9 or -9.5% of the net sales (MEUR 23.2; 8.0%).

  • The division’s operating profit was affected negatively mainly due to

very low capacity utilization.

  • Fourth quarter net sales were MEUR 25.9 (MEUR 62.6) and operating

profit MEUR -2.3 or -8.9% of the net sales (MEUR -0.3; -0.4%).

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Operating profit excluding one-time items Net sales

Machine shops division

  • 4
  • 3
  • 2
  • 1

1 2 3 4 5

f ff fff fs

  • 16
  • 12
  • 8
  • 4

4 8 12 16 20 2008 2009 2008 % 2009 %

MEUR MEUR 10 20 30 40 50 60 70 80 I II III IV OMMU OMMV %

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Performance of the Machine shops division

  • The division comprises a machine shop in Främmestad and a forge in

Wirsbo in Sweden, machine shops in Lempäälä and Pietarsaari in Finland, machining operations in Weert in the Netherlands and machine shop in Orhangazi in Turkey.

  • Net sales in 2009 were MEUR 92.3 (MEUR 243.3) and operating profit

MEUR -11.3 or -12.3% of the net sales (MEUR 4.3; 1.8%).

  • The division’s operating profit weakened mainly due to very low
  • volumes. In addition, a large part of the division’s personnel is in

Sweden, where adjusting the number of personnel has been slower than in the Group’s other countries.

  • Fourth quarter net sales totalled MEUR 23.4 (MEUR 50.5) and
  • perating profit MEUR -2.8 or -12.2% of the net sales (MEUR -3.2;
  • 6.3%)
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10 20 30 40 50 60 70 80 I II III IV 2008 2009

Operating profit excluding one-time items Net sales

Turkey division

MEUR MEUR

  • 15
  • 10
  • 5

5 10 15 20

f ff fff fs

  • 15
  • 10
  • 5

5 10 15 20 2008 2009 2008 % 2009 %

%

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Performance of the Turkey division

  • The Turkey division comprises the iron foundry in Orhangazi and the

aluminium foundry and production unit for aluminium wheels in Manisa.

  • Net sales in 2009 were MEUR 114.0 (MEUR 242.7) and operating

profit MEUR 2.4 or 2.1% of the net sales (MEUR 19.9; 8.2%).

  • The division’s operating profit in 2009 was heavily affected by the sharp

decline in volumes. Adaptation of costs succeeded well in Turkey, and despite the very low capacity utilization rate the division’s operating profit was positive from the second quarter onwards.

  • Fourth quarter net sales were MEUR 35.2 (MEUR 30.4) and operating

profit MEUR 1.1 or 3.1% of the net sales (MEUR -4.2; -13.8%).

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Prospects for 2010

  • Componenta’s prospects for 2010 are based on general external

financial indicators, order forecasts given by customers, and on Componenta’s order intake and order book.

  • The demand outlook in most of the Group’s customer industries

remains weak at the beginning of 2010, due to low demand for investment goods. Lowering the stocks by customers has stopped which will improve their own production volumes in 2010.

  • The low volume of construction in the USA and Europe reduced

demand considerably in the off-road industry in 2009. Increase in raw material prices in 2009 creates better prospects for demand in mining industry in 2010. Due to the economic recession, many countries initiated infrastructure projects in 2009. It is estimated that these projects will increase the demand for off-road vehicles in 2010.

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SLIDE 48

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Prospects for 2010 (cont.)

  • Componenta’s deliveries to heavy trucks industry is estimated to clearly

increase in 2010 compared with the previous year. Increase in deliveries is mainly due to normalisation of stock levels. Registrations of heavy trucks in Europe are still at low level.

  • The number of new passenger cars registered in Europe decreased only

1.6% in 2009 compared to the previous year. The number of produced vehicles stayed at the same level as in the previous year due to various subsidy measures taken in many countries, aimed at renewing the fleet

  • f cars. In 2010, the registrations of new passenger cars are expected to

be at lower level than in 2009.

  • Demand in the wind power sector weakened considerably during 2009.

Improved situation in the financial markets is expected to improve the demand in the wind power sector earliest in the second half of 2010.

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SLIDE 49

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49

Prospects for 2010 (cont.)

  • Demand for diesel engines was weak in 2009. Due to the long order

book of diesel engine manufacturers, deliveries remained however at a reasonable level until the end of 2009. Weakened prospects have decreased the number of components delivered to customers as they reduce their own stocks.

  • Demand in the machine building industry is expected to recover step-

by-step from last year.

  • Componenta’s order book was 20% higher in the beginning of 2010

compared to the end of Q3/2009. Due to the adaptation actions implemented in 2009 and decreased volumes operating costs of the Group decreased altogether 54% compared to the previous year. Investments in production facilities in 2010 are expected to halve from the previous year (MEUR 15.5).

  • Componenta Group’s 2010 net sales is expected to increase from the

previous year and result after financial items excluding one-time items to improve clearly from previous year. Cash flow from operations is still expected to stay positive.